RAM ESSENTIAL SERVICES PROPERTY FUND — Director's Dealing 2021

Nov 15, 2021

Rule 3.19A.2

Appendix 3Y

Change of Director's Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 30/09/01 Amended 01/01/11

	Name of entity: RAM Essential Services Property Fund (ASX: REP) (comprising the stapled group, RAM
	Australia Retail Property Fund (RARPF) and RAM Australia Medical Property Fund (RAMPF))
ARSN	634 136 682 and 645 964 601

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Scott Gregory Wehl
Date of last notice	26 October 2021

Part 1 - Change of director's relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.

Direct or indirect interest	Indirect
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.	National Nominees Limited as custodianfor Equity Trustees Limited as responsibleentity of RAM Property Securities Fund(Fund) by operation of section 608(1)(b)of the Corporations ActCERTANE CT PTY LTD as custodian forReal Asset Management Pty Limited astrustee for 188 ECT Capital Stable Fund(Fund2)byoperationofsection608(1)(b) of the Corporations Act
Date of change	A.21/10/2021B.27/10/2021C.28/10/2021D.29/10/2021E.1/11/2021F.2/11/2021G.3/11/2021

+ See chapter 19 for defined terms.

Date of change
	H.4/11/2021
	I.5/11/2021
	J.8/11/2021
No. of securities held prior to change	NationalNomineesLimitedascustodian for Equity Trustees Limitedas responsible entity of RAM PropertySecurities Fund (Fund) by operation ofsection 608(1)(b) of the CorporationsAct - 146,484,895 fully paid ordinarystapled securities.CERTANE CT PTY LTD as custodian forReal Asset Management Pty Limited astrustee for 188 ECT Capital Stable
	Fund (Fund 2) by operation of section608(1)(b) of the Corporations Act-4,801,092 fully paid ordinary stapledsecurities
Class	Units

+ See chapter 19 for defined terms.

Number acquired	A.	250,000unitsacquiredby
		CERTANECTPTYLTDas
		custodianforRealAsset
		Management Pty Limited
	B.	123,753 units acquired by National
		Nominees Limited as custodian for
		Equity Trustees Limited
	C.	276,247 units acquired by National
		Nominees Limited as custodian for
		Equity Trustees Limited
	D.	1,700,000unitsacquiredby
		CERTANECTPTYLTDas
		custodianforRealAsset
		Management Pty Limited
	E.	508,322unitsacquiredby
		CERTANECTPTYLTDas
		custodianforRealAsset
		Management Pty Limited
	F.	391,678unitsacquiredby
		CERTANECTPTYLTDas
		custodianforRealAsset
		Management Pty Limited
	G.	695,106unitsacquiredby
		CERTANECTPTYLTDas
		custodianforRealAsset
		Management Pty Limited
	H.	254,894unitsacquiredby
		CERTANECTPTYLTDas
		custodianforRealAsset
		Management Pty Limited
	I.	490,000unitsacquiredby
		CERTANECTPTYLTDas
		custodianforRealAsset
		Management Pty Limited
	J.	310,000unitsacquiredby
		CERTANECTPTYLTDas
		custodianforRealAsset
		Management Pty Limited
Number disposed	NA
Value/Consideration
Note: If consideration is non-cash, provide details and estimated	A.	$1.0139 per unit
valuation	B.	0.9895 per unit
	C.	0.9900 per unit
	D.	0.9898 per unit
	E.	0.9878 per unit
	F.	0.9885 per unit
	G.	0.9897 per unit
	H.	0.9889 per unit
	I.	0.9873 per unit
	J.	0.9852 per unit

+ See chapter 19 for defined terms.

No. of securities held after change	National Nominees Limited as custodianfor Equity Trustees Limited as responsibleentity of RAM Property Securities Fund(Fund) by operation of section 608(1)(b)of the Corporations Act - 146,884,895 fullypaid ordinary stapled securities.
	CERTANE CT PTY LTD as custodian forReal Asset Management Pty Limited astrustee for 188 ECT Capital Stable Fund(Fund 2) by operation of section 608(1)(b)of the Corporations Act - 9,401,092 fullypaid ordinary stapled securities
Nature of change	A.On Market Trade
Example: on-market trade, off-market trade, exercise of options, issueof securities under dividend reinvestment plan, participation in buy	B.On Market Trade
back	C.On Market Trade
	D.On Market Trade
	E.On Market Trade
	F.On Market Trade
	G.On Market Trade
	H.On Market Trade
	I.On Market TradeJ.On Market Trade

Part 2 – Change of director's interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of "notifiable interest of a director" should be disclosed in this part.

Detail of contract	NA
Nature of interest	NA
Name of registered holder(if issued securities)	NA
Date of change	NA
No. and class of securities to whichinterest related prior to changeNote: Details are only required for a contract inrelation to which the interest has changed	NA
Interest acquired	NA
Interest disposed	NA

+ See chapter 19 for defined terms.

Value/ConsiderationNote: If consideration is non-cash, provide detailsand an estimated valuation	NA
Interest after change	NA

Part 3 – +Closed period

Were the interests in the securities or contracts detailed	Yes
above traded during a +closed periodwhere prior written
clearance was required?
If so, was prior written clearance provided to allow the	Yes
trade to proceed during this period?
If prior written clearance was provided, on what date was	21 Oct 2021
this provided?

+ See chapter 19 for defined terms.